What Lies Beyond CRM. Business Transformation potential and CRM

Transcription

1 What Lies Beyond CRM Business Transformation potential and CRM

2 Table of Contents Why Symphony 2 Business Transformation 3 Lead Generation Marketing Automation 4 Business Development 5 Automation and Integration 6 Practice Management 7 Client Management & Intelligence 8 WHY SYMPHONY We aim to see the whole picture. We analyse, we work to understand all the issues that are holding you back. It s not just about CRM, we re here to build a coherent, comprehensive transformation strategy aligned to your business ambitions. In this document we have set out the fundamental areas a professional service firm must consider when planning the implementation of a CRM platform. Making it all work The Symphony design methodology is logical, clear, and incisive. It identifies precisely what s required to make things right and why. This ultimately makes your business technology work to maximum advantage. Defining business needs We analyse your business in forensic detail. Because when you ve factually defined the issues in full, you can fully understand what changes must be made and why. Every now and then technologies improve to such an extent, and provide such obvious benefits, that their positive effect on productivity is undeniable. A CRM that uses robust, industry standard foundations together with the latest automation and integration technologies will provide tangible improvements in efficiency and business growth. Bringing it together We re obsessively holistic about this. Implementing technology, aligning business processes, and dovetailing legacy systems with the whole it all has to harmonise beautifully to achieve your goals. Making it pay Moving forward, we maintain the momentum, building on our partnership with you to develop new solutions that deliver ROI and support the changes and growth of your firm. Results that keep on coming We ll get your CRM, processes and systems all aligned and future-ready. So every part of your business can be easily harnessed to deliver growth - and to enable change, not hinder it. 2

3 Business Transformation CRM the catalyst for change Through working with leading professional service firms it is clear that there are numerous processes and application platforms which operate independently of each other with little or no integration. This leads to inefficient operations and higher costs. A key focus for Symphony is to demonstrate how CRM can go beyond the traditional context of serving business development and marketing. Its our view that CRM acts as a catalyst for change by absorbing outdated functionality in legacy system and processes into a modern mobile platform that eliminates data silos. The modern firm will not benefit by a CRM system alone. The challenge will be to implement solutions that connect all business functions and improve business processes. Creating an integrated flow for prospect and client information, will be a key driver for improving business development, client service and compliance processes. Professionals will demand convenient mobile access to CRM information, including contacts, clients, activities, and data modules specific to the firm in order to stay connected with prospects, key business associates, clients and the firm in general. The redistribution of data and process to a modern CRM platform allows the firm to view client records in a holistic manner from the beginning of the client journey, as a lead, through to client management, allowing all members of the team to have a unified database resource of information. Integration A key objective for Symphony was the design of database integration methodologies that reduce the delays and inefficiencies that exist between application silos and teams. At its core this approach focuses on the integration between CRM and Practice Management. The same methodology can also manage data between CRM and others systems such as HR, Tax, Financial Planning, Document Management, and external data sources. This allows the CRM to act as the prime unified database so that the firm can maintain and access data with the knowledge that key systems and processes are being maintained. Automation and Collaboration Sound process and workflow routines must enable administrators to streamline common business processes. CRM systems don t run themselves and its essential that the platform allows the firm to implement electronic processes for managing exceptions, approvals, and data management standards that must be surfaced to successfully manage business opportunity and client relationships. 3

4 Lead Generation & Marketing Automation LinkedIn 1 2 LinkedIn is widely used within professional service firms and its important that leverage the relationships that are help within this data source. At Symphony we have made this a key focus for lead generation and data management. Automated Marketing Programs Marketing automation includes marketing so the firm can build comprehensive nurture campaigns to educate prospects as they progress through the client journey. Dependant on the type of response to these campaigns marketing can build trigger programs. These workflows recognise the behaviour of a prospect or a client and automate scheduled s over time using dynamic content to increase relevancy and personalisation. Inbound Performance & Lead Scoring In a short decade, the world of marketing has changed dramatically. Increased access to information empowers prospective clients to proactively uncover content and services, search online, seek social referrals, read reviews, and dig into expert reports before ever talking to you. Professional service firms need new tools and technologies to get in front of prospects early, establish expertise, and deliver personalised content that will make you stand out. Enter marketing automation Marketing automation also allows the firm to unify segregated platforms such as Google Analytics, SEO and Social Media (Twitter). Since prospective clients are not created equal, some will engage right now, some will be ready soon. A good lead scoring system watches for online signals that increase marketing s ability to engage the prospect or client at the right time. Web Forms & Landing Pages Marketing automation should also encapsulate web forms as an essential handshake between the firm and a prospective client; the latter provides contact information in exchange for something of value, perhaps downloading a brochure or other premium content. Reports & Analytics Measuring and analysing the performance of campaigns and initiatives is fundamental to good marketing; it lets firms calibrate how they are doing, learn what works and what doesn t, and optimise future efforts for maximum impact. CRM Integration Fundamental to all of the above is for marketing automation to have bi-directional integration to the CRM platform. 4

5 Business Development Relationship Management 3 4 How important is managing client relationships to your business? If your business focus is on your clients, then it s definitely important to have an easy-to-use process that is part of your CRM platform that helps manage these relationships and referrals as your business grows. It is also important for your team to know the individuals within the prospect or client organisation, their roles, when these change, the reasons why, and importantly connections they have with other clients, prospects and referral partners. It is essential that the CRM can manage the bidirectional relationships between Organisations, Individuals and Opportunities and allow the firm to customise the data values stored for these connections. At Symphony we refer to this as Richer Relationships. Referrals Business development is different from marketing and communication. The challenge for professional service firms is being able to understand how to effectively connect marketing and business development. All too often professionals get caught up in the uncertainty about how to develop their selling skills and confused with those required for marketing and as a result it becomes a lacklustre discipline. Marketing through the CRM platform need to work in support of partners to facilitate opportunity conversations. The CRM platform must also manage inbound and outbound referrals in the firm whether that be to or from network alliances, other clients or business partners. Simplistic data attributes on an opportunity are not enough to create a ledger view of performance to and from referral partners. Productivity CRM must support the firm s business development team to connect and sell, not getting bogged down with data entry in order to maintain focus on the right opportunities and tasks to close them out. It must also integrate with the practice management system to ensure productive business development time is recorded accurately and can be analysed as to how effective one initiative is from another rather than be recorded against a non chargeable matter code. Reporting and Forecasting The downfall of any system. A sound CRM platform must have dashboards and forecasting capability to predict sales and future resources. Dashboards help deliver results by placing useful prospect insight in the hands of business development. Forecasting reports should provide finance with insights into likely profit and cash flows and operations with information regarding resourcing requirements. 5

6 Automation and Integration 5 Client Engagement & Acceptance Compliance standards are placing an ever increasing demand on money laundering, know your client, and client continuance processes. This is an area often neglected and provides proof that a CRM platform can and should make it an integral part of the client journey process to cater for the demands of regulatory and professional bodies. Anti money laundering should not be viewed as purely a process in discrete elements. Too many regulated firms treat AML as a series of discreet process driven silos. I have trained in many large firms where the AML Compliance Team is too far removed from a more process driven Client On Boarding Team, who in turn are totally removed from the review and monitoring teams and the sales force. Too many Know Your Customer / Customer Due Diligence roles in large firms are undertaken by people who are trained to process application or forms without seeing the being picture or thinking critically. Pekka Dare (Director ICT Academic Faculty) Wed Jul 18, 2012 With workflow and compliance checks forced on an opportunity that has been won the firm is assured that data is flowing in the correct way and risk of missing an important step is minimised. Document Automation Apart from legal compliance many firms still struggle with standardisation and automation of letters of engagement. The CRM engagement centre module should either store this or have the ability to integrate to the document management platform. Document automation must integrate with back end systems maximising fee earners accessibility and mobility, minimising errors by eliminating cutting and pasting from previous letters, and potential embarrassment when it goes wrong. Integration - Practice Management The CRM engagement module should also be used to trigger workflow associated with generating engagement matter records in the billing system. This saves the time and cost of professional staff who no longer have to create billing records from a separate business development silo. Another key outcome here is that client records exist in both CRM and Practice Management and are connected so that data management between the two systems is maintained electronically and available on mobile devices. 6

7 Practice Management Integration - again 6 Research has proven that the highest success rates for CRM initiatives are achieved by creating a unified interface in the CRM solution to data spread throughout an organisation. This is very much the case with Practice Management and CRM. Ultimately, the reason to integrate is to ensure there will be some measurable benefit either through a streamlined billing process or so that the firm can eliminate duplication of administration time and cost. We have put forward a couple of use cases within this document to highlight this. Business Development section (page 5) Productivity and Automation / Integration (page 6) Integration Practice Management. Its clear that by reducing the time it takes to on-board new client data through electronic processes then the firm benefits through the reduction in administration costs and maximises the capture of billable time because matter records exist the moment a client is cleared for service provision. In the years to come the professional firm and its clients will benefit from doing things right with the right things. Business process automation starts with integrating the traditional practice management system with CRM enabling the firm to align business development and marketing with practice management and client management functions. Once implemented other platforms become part of or are integrated to CRM and its mobility capability enabling the team to be more engaged and responsive. Practice Management is Changing Existing Practice Management systems have long attempted to deal with aspects of CRM and as a result the firm has been forced to use a finance or ERP system in an attempt to solve what are actually CRM requirements. Through the integration routines described above the firm can devolve data management to areas of the business where it is best handled rather than forcing bottle-necks to occur inside the finance system. By repurposing data from PM to CRM data quality is improved through modern and mobile interfaces leaving the finance system to be effective at billing and the financial performance management for the firm. Surfacing Financial data in CRM The CRM platform must also report against the practice management system for current WIP, Debtor balances and to identify billing history for purposes of surfacing further opportunity with a client. Such interfaces should also extend to document management systems so that the team can locate documents without having to switch systems. 7

8 Client Management and Intelligence Client Reviews 7 8 With SymphonyCRM the capability exists to record key client meetings assigning tasks within the firm and the client to ensure timely follow-up and recording new opportunities. Clients then have access to these records via the SymphonyCRM portal where they can also log service requests and upload data files. Workflow rules will alert the firm s team that records or service requests have arrived. CRM is about developing a firm and that s every bit to do with having a system that enables it to leverage its many valuable client relationships and communities in which it operates. A key part of any CRM system must be its ability to manage inbound and outbound referrals. The SymphonyCRM Chronicle and Service Request modules capture vital client information that lead to new opportunities. Using the SymphonyCRM Portal the firm demonstrates that it is progressive using modern technology as a platform for interacting with them. Outlook Client Intelligence With SymConnect SymphonyCRM can pull in data from other systems such as Tax providing a unified view of client data and allows marketing to deploy accurate and focused marketing campaigns as well as communication Portal Clients can also maintain their own standing information. Outlook 8

9 Client Service and Satisfaction Flexibility Extend Team Management SymphonyCRM facilitates client insight, improved service and data management time. It provides a consistent perspective across client touch points helping enhance client satisfaction and improving response times. Knowledge SymphonyCRM Knowledge Base module provides the ability to create, maintain, and publish articles. SymphonyCRM Mobile The mobile experience needs to be of a standard that can be configured for fields and modules that appear with mobile-specific layouts that related to the firm. SymphonyCRM Mobile processes data using client server principles which ensures that data sovereignty and security are addressed. SymphonyCRM and its mobile solution eliminates the need for sensitive client information being stored or lost on mobile devices, however if required users can go offline with confidence. With SymphonyCRM users no longer have to wait until they return to the office or make remote desktop connections and the firm SymphonyCRM offers the broadest range of deployment options for on premise and cloud, and is the industry s most highly customizable CRM platform based on open technologies. Whether onsite, private cloud, or Symphony-on-Demand, the same level of functionality, customisation and integration with 3rd party systems and tools exists. This means that you start your CRM initiative knowing that Symphony scales with your business no matter how large or customised. Automate Powerful workflow tools in SymphonyCRM allow firms to automate and optimise even the most complex business practices to heighten customer experiences, drive productivity and reduce operating costs. Adapt Your CRM system should run like your firm, not the other way around. SymphonyCRM offers fast, simple customisation. Developer tools allow us to edit the look, feel, and functionality of an instance, including adding fields, changing layouts, adding automated processes, and creating entirely new modules. will present itself as progressive and facilitate higher levels of data Whether going global and taking advantage of the more than 26 supported languages and currencies; or integrating with the hundreds of third party tools and apps in the Sugar ecosystem the Symphony platform makes it easier than ever. Scale & Security With the ability to deploy CRM on your terms, and in the location of your choice firms can reap the benefits greater control and ownership. The Symphony platform can run virtually anywhere helping global firms comply with government and industry mandates, provide greater data privacy, and simply have greater access and control over sensitive client data. Role Management SymphonyCRM roles define permissions for users such as what kinds of records they can access and what level of access they are allowed. Roles work in conjunction with Teams to form a robust security model for non-admin users. Roles control three different layers of access for users within Symphony: module, field, and action-level access. Team Management is used in SymphonyCRM to define permissions and groupings for users. These permissions cover what records a user is and is not able to access. Teams are used in conjunction with Roles to form a robust security model for nonadmin users in Symphony. Users can use team settings on specific records to allow different users the option to view these given records. Team settings can also be used as a form of organisation, thereby separating records to be associated to specific teams for better tracking. Teams can be based on departments, geographic regions, or whatever else works best in a given organizations 9

10 Comprehensive Business Transformation for Professional Services Firms We aim to see the whole picture. We analyse, we work to understand all the issues that are holding you back. It s not just about CRM, we re here to build a coherent, comprehensive transformation strategy aligned to your business ambitions The Symphony design methodology is logical, clear, and incisive. It identifies precisely what s required to make things right and why. This ultimately makes your business technology work to maximum advantage We analyse your business in forensic detail. Because when you ve factually defined the issues in full, you can fully understand what changes must be made and why. Moving forward, we maintain the momentum, building on our partnership with you to develop new solutions that deliver ROI and support the changes and growth of your firm. We ll get your CRM, processes and systems all aligned and future-ready. So every part of your business can be easily harnessed to deliver growth - and to enable change, not hinder it. NWS House 1e High Street Purley Surrey CR8 2AF UK T: Copyright 2016 Symphony Professional Solutions Limited. SymphonyCRM is distributed under an OEM license with SugarCRM 10